- A mostly sideways session in European morning trade
- How’s the Fed outlook shaping up to be right now?
- PBOC governor says expects inflation to gradually rebound in 2H this year
- French finance minister says gotten pledge from manufacturers to lower prices
- Japan PM Kishida to hold press conference on 13 June
Markets:
- NZD leads, JPY lags on the day
- European equities lower; S&P 500 futures flat
- US 10-year yields up 3.7 bps to 3.751%
- Gold down 0.1% to $1,965.53
- WTI crude up 0.3% to $71.50
- Bitcoin down 0.2% to $26,590
It’s just one of those days where markets decided to take a bit of a breather, as we start to turn the page to next week’s main events.
There wasn’t any real conviction in the market moves today as trading appetite is sapped considering that there are no more major economic releases before the weekend. We do still have the Canadian jobs report to come later but that isn’t one to reverberate to broader market sentiment.
The dollar is largely steady but trading more mixed on the day with gains against the euro, yen and franc but now slightly lagging against the commodity currencies. USD/JPY in particular is just swinging around 139.40-60 mostly with large expiries sandwiching price action at 139.00 and 140.00 today.
In the equities space, the mood remains rather subdued with US futures keeping little changed mostly and European indices tracking just slightly lower now in the last hour after a relatively sideways session.
We’ll see what Wall Street has to offer later but there doesn’t seem to be much conviction across the board for now. However, that might still change up before the weekend. That being said, next week’s US CPI and Fed decision will still be the make or break moment for markets moving forward.
This article was written by Justin Low at www.forexlive.com.